Massachusetts Lottery

MALottery Powerball Jackpot Analysis

The Powerball jackpot for the draw on Sat May 4, 2024 is estimated to be $203 Million, with a cash option of 92.7 Million. If you win the Powerball jackpot, the IRS will withhold 24% of your prize money upfront, and you may owe up to an additional 13% in federal taxes when the tax is due. Additionally, if you are a resident of Massachusetts, your state will take 5% of your lottery winnings.

Please note that the calculation of the Powerball jackpot prizes and taxes below is based on FEDERAL INCOME TAX BRACKETS FOR 2023.

Massachusetts Powerball Jackpot/Cash Option for Sat May 4, 2024

Draw Date	Jackpot	Cash Option
Sat May 4, 2024	$203,000,000	$92,700,000

Lumpsum Option Taxes and Payment

Category	Amount
Cash Gross Payment	$92,700,000
Federal Tax(24%)	$22,248,000
Additional Federal Tax	$12,011,330
State Tax(5%)	$4,635,000
Net Lumpsum Payment	$53,805,670

Annuity Payment in 30 Installations

Year	Gross Payment	Fed/State Tax	Net Payment
1	$3,055,353	-$1,090,811 -$152,768	$1,811,774
2	$3,208,212	-$1,147,369 -$160,411	$1,900,432
3	$3,368,582	-$1,206,706 -$168,429	$1,993,447
4	$3,537,072	-$1,269,047 -$176,854	$2,091,171
5	$3,713,885	-$1,334,468 -$185,694	$2,193,723
6	$3,899,630	-$1,403,193 -$194,982	$2,301,455
7	$4,094,510	-$1,475,299 -$204,726	$2,414,485
8	$4,299,337	-$1,551,085 -$214,967	$2,533,285
9	$4,514,314	-$1,630,627 -$225,716	$2,657,971
10	$4,740,050	-$1,714,149 -$237,003	$2,788,898
11	$4,976,951	-$1,801,802 -$248,848	$2,926,301
12	$5,225,829	-$1,893,887 -$261,291	$3,070,651
13	$5,487,090	-$1,990,554 -$274,355	$3,222,181
14	$5,761,546	-$2,092,102 -$288,077	$3,381,367
15	$6,049,603	-$2,198,683 -$302,480	$3,548,440
16	$6,352,073	-$2,310,597 -$317,604	$3,723,872
17	$6,669,565	-$2,428,069 -$333,478	$3,908,018
18	$7,003,094	-$2,551,475 -$350,155	$4,101,464
19	$7,353,269	-$2,681,040 -$367,663	$4,304,566
20	$7,720,902	-$2,817,064 -$386,045	$4,517,793
21	$8,107,008	-$2,959,923 -$405,350	$4,741,735
22	$8,512,399	-$3,109,918 -$425,620	$4,976,861
23	$8,937,887	-$3,267,349 -$446,894	$5,223,644
24	$9,384,893	-$3,432,741 -$469,245	$5,482,907
25	$9,854,026	-$3,606,320 -$492,701	$5,755,005
26	$10,346,910	-$3,788,687 -$517,346	$6,040,877
27	$10,864,154	-$3,980,067 -$543,208	$6,340,879
28	$11,407,382	-$4,181,062 -$570,369	$6,655,951
29	$11,977,812	-$4,392,121 -$598,891	$6,986,800
30	$12,576,662	-$4,613,695 -$628,833	$7,334,134